11Street

Nine dimensions merchants should review before joining:

Merchant snapshot

SK Square subsidiary, old comprehensive department-store open market; 2025 open-market business 23 consecutive months profitable, overall loss narrow 47%. E dey friendly to overseas sellers (fit enter with identity verification), e dey good for small/medium sellers wey dey spread products across platforms, but scale gap with di two giants dey huge.

Entry requirements

Global seller channel open to non-Koreans: legal Hong Kong/Macau/Taiwan/overseas/China companies fit enter, need business license + corporate USD collection account + legal-person documents; review about 7–10 working days (Chuhai club 2024.3). Unlike Naver, 11Street allow non-Koreans to sell with identity verification (Korea Times 2022.4). Korea local sellers register through 11st seller office (need business license + mail-order sales declaration). No official GMV disclosure; entry scale judgment as e dey for user/strategic position.

Fee structure

No listing fee, no shop rent (Chuhai club/Yunjiehui). Commission na platform handling-fee system — Chinese third-party material figures dey conflict: 2024 Chuhai club say all categories 13%; 2025 Yunjiehui say 12%~13%, home appliances low to 9%, some categories 5%; both no be official an dey conflict each other; exact commission an fee rate as e dey for di official latest fee table. Advertising/promotion fees as e dey for 11st seller office publication.

Getting traffic

Old comprehensive department-store mindshare an long-term brand awareness, merchant/user base still dey; 2025 user fast growth (MK 2025). Traffic mainly on-site search + category + promotion activities (big-sale plans), synergy with SK ecosystem (SKT telecom users) for customer acquisition. Scale gap with Coupang/Naver dey huge, Q1'25 revenue -30% (chwang), no official GMV, traffic attraction weaker than di two giants.

Fulfilment & logistics

Pure marketplace model, no self-operated warehouse: merchant self-shipment, delivery time an shipping fee na seller dey set (courier mainly CJ etc Korea couriers). Cross-border sellers direct mail from overseas or ship from local warehouse. Platform side no Rocket/FBA-style unified fulfilment; delivery experience dey depend on seller.

Payments & settlement

Local sellers settlement fast — KBS report 11st settle in 2 days (2025.12.24). Global sellers settle through corporate USD collection account (Chuhai club), support third-party cross-border collection channels. Settlement cycle an handling-fee details as e dey for seller center.

Compliance

Company level 2025 still loss: full-year operating loss ₩39.6 billion (narrow 47% year-on-year), but open-market business 2025 turn profitable, 23 consecutive months profit (DigitalToday/asiae). No official GMV disclosure (GAP). Fake-goods governance na common issue for open markets; platform review an genuine-product rules dey continuously tighten. Cross-border sellers note Korea product compliance (KC certification etc) an consumer protection duty.

Key risks

1) Company overall still loss (2025 ₩39.6 billion) an Q1'25 revenue -30%, scale gap with Coupang/Naver dey huge, long-term investment ability dey doubtful (asiae/chwang); 2) Squeezed by AliExpress/Temu low price an China three dragons, an pressed by di two giants from both sides, open-market territory dey eroded (kyungjeilbo); 3) Fee figures no transparent: commission ratio no official unified disclosure, third-party data dey conflict, merchant cost calculation hard; 4) No official GMV, real platform scale hard to verify, attraction to high-value cross-border sellers dey limited; 5) If loss reduction no dey improve, get sell/integration rumour risk (industry background, amzdh).

Best-fit sellers

E dey best for: small/medium sellers an multi-platform spreaders (low cost, friendly entry barrier), local brands as supplementary channel, sellers wey no dey suitable for Coupang/Naver high barrier or high fee rate. Overseas (especially China) sellers dey welcome — na one of few old markets for Korea wey fit enter with identity verification. E no dey good for: merchants wey dey chase big traffic/high GMV main channel, sellers wey need platform warehouse fulfilment, heavy-investment brands wey need high platform long-term stability.

Sources

research/sections/kr_platforms.md 6.2.4; 各地区电商平台Top5深度研究报告.md 5.2节; research/research-top5-ecommerce-platforms-jp-kr-au-nz.md; DigitalToday (扭亏/连续23个月盈利) https://www.digitaltoday.co.kr/en/view/4532/11st-2025-operating-loss-narrows-open-market-turns-profitable; asiae (2025亏损396亿) https://www.asiae.co.kr/lang/print.htm?idxno=2026022509122033636&lang=en; MK (用户回升) https://www.mk.co.kr/en/business/11482513; Korea Times (非韩国人可入驻) https://koreatimes.co.kr/www/tech/2025/03/419_327276.html; KBS (结算2天) https://news.kbs.co.kr/news/mobile/view/view.do?ncd=8442532; 出海club (全球卖家入驻/费率13%) https://www.chuhai-club.com/article/122738.html

11Street appear for di Top-5 lists of 1 regions: Korea.

• South Korea（#4）：Korea's veteran open market (general merchandise)

Every figure come from dat region Top-5 report and source audit. No cross-region conversion or new estimates: